Executive Summary

Revenue from continuing operations rose 172% year-over-year to $4.13M and grew 14% sequentially vs. Q1 ($3.63M), reflecting Medtronic distribution volumes in left‑heart access products .
Gross margin improved sharply year-over-year to -8% from -67% on higher production volumes and reduced manufacturing overhead; sequentially it dipped from -1% in Q1 as mix and scale continue to normalize .
Operating expenses fell to $2.23M (SG&A only; R&D was not applicable), down from $4.20M in Q2’23 and $3.34M in Q1’24; net loss from continuing operations narrowed to $0.36M (EPS $(0.01)) .
Liquidity tightened: cash and equivalents were $13.33M at quarter-end; YTD total operating cash outflows were $23.90M and continuing operations were $13.15M; interest expense remained elevated ($1.51M in Q2) .
The company continues to provide no financial guidance following its business realignment; there was no Street consensus available from S&P Global to benchmark results (consensus unavailable).

What Went Well and What Went Wrong

What Went Well

Strong revenue growth: $4.13M (+172% YoY) and +14% QoQ, driven by Medtronic-distributed left-heart access portfolio .
Material cost discipline: SG&A reduced to $2.23M (vs. $3.34M in Q1 and $3.28M in Q2’23); operating expense highlights note a 47% YoY reduction under the new business model .
Year-over-year margin improvement: gross margin improved to -8% from -67%, explained by “higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses” .

What Went Wrong

Sequential gross margin deterioration: -8% in Q2 vs. -1% in Q1 despite YoY improvement, indicating continued scale/mix sensitivity .
Liquidity pressure: cash fell to $13.33M at Q2-end; YTD net cash used in operating activities totaled $23.90M (continuing ops $13.15M), highlighting ongoing cash burn .
Capital structure constraints: interest expense of $1.51M and current debt due of $7.06M alongside $25.13M long-term debt signal leverage remains a headwind .

Financial Results

Metric	Q2 2023	Q1 2024	Q2 2024
Revenue ($USD Millions)	$1.515	$3.625	$4.127
Gross Margin % (GAAP)	-67%	-1%	-8%
SG&A ($USD Millions)	$3.280	$3.337	$2.225
R&D ($USD Millions)	$0.917	—	—
Gain on Sale of Business ($USD Millions)	$2.072	$2.792	$2.869
Net Income (Loss) - Continuing Ops ($USD Millions)	$(4.235)	$(2.055)	$(0.362)
Diluted EPS - Continuing Ops ($USD)	$(0.15)	$(0.07)	$(0.01)
Net Loss per Common Share ($USD)	$(0.63)	$(0.06)	$(0.03)
Loss from Discontinued Ops Before Taxes ($USD Millions)	$(14.111)	$0.445	$(0.552)

Segment breakdown: Not applicable; the company’s continuing operations are concentrated in manufacturing and distribution of left-heart access products via Medtronic .

KPIs (Balance Sheet, Cash Flow, Capitalization)

KPI	Q2 2023	Q1 2024	Q2 2024
Cash & Equivalents ($USD Millions)	N/A	$18.459	$13.327
Accounts Receivable ($USD Millions)	N/A	$7.750	$9.235
Inventory ($USD Millions)	N/A	$5.888	$5.213
Long-term Debt (Current Portion) ($USD Millions)	N/A	$1.819	$7.055
Long-term Debt (Non-current) ($USD Millions)	N/A	$32.805	$25.130
Warrant Liability ($USD Millions)	N/A	$0.692	$0.128
Weighted Avg Shares (Basic & Diluted)	29,039,732	29,693,926	29,721,542
Net Cash Used in Operating Activities - Continuing Ops ($USD Millions, YTD)	$11.030	$(6.950) (Q1 only)	$13.154
Net Cash Used in Operating Activities - Total ($USD Millions, YTD)	$31.097	$(16.929) (Q1 only)	$23.904

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company Guidance Policy	FY 2023	Withdrawn/No Guidance	—	—
Company Guidance Policy	Q1 2024	No Guidance	No Guidance	Maintained
Company Guidance Policy	Q2 2024	No Guidance	No Guidance	Maintained

Note: The company explicitly states it will no longer provide financial guidance due to the business realignment to the left-heart access distribution model .

Earnings Call Themes & Trends

No earnings call transcript was available in our document set for Q2 2024.

Topic	Previous Mentions (Q4 2023 and Q1 2024)	Current Period (Q2 2024)	Trend
Business Model Realignment	Strategic restructuring; exit mapping/ablation; focus on Medtronic left-heart access portfolio	Continuing execution under Medtronic distribution; continuing ops revenue growth	Ongoing transition
Gross Margin	FY 2023 GM -44% (full year) with improvements from scale/overhead reductions	-8% YoY improvement attributed to higher production volumes, lower overhead	Improving YoY; variable sequentially
Operating Expense Discipline	FY 2023 operating expenses $17.5M (continuing ops); reduced discretionary spend and reprioritized R&D	SG&A $2.23M (R&D not applicable); 47% YoY reduction	Improving
Liquidity & Debt	Cash $29.4M at 12/31/23; significant operating cash outflows	Cash $13.33M at 6/30/24; YTD operating cash outflows $23.90M; current portion of debt $7.06M	Tightening liquidity
Listing Status	Nasdaq delisting initiated; stock moved to OTC on May 9, 2024	N/A in Q2 PR beyond OTC status	OTC

Management Commentary

“Gross margin... was negative 8%... compared to negative 67% for the same quarter last year. The improvement was driven by higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses.”
“Due to the announced plan to realign resources to support the left-heart access distribution business and exit from the electrophysiology mapping and ablation businesses, the Company will no longer provide financial guidance.”
“Acutus is focused on the production of left-heart access products under its distribution agreement with Medtronic, Inc.”

Q&A Highlights

No Q2 2024 earnings call transcript was available; therefore, Q&A highlights and any clarifications provided during a call are unavailable in our document set.

Estimates Context

Wall Street consensus (S&P Global) for AFIB was unavailable due to missing SPGI mapping in our data pipeline; as a result, we cannot quantify beats/misses versus Street for revenue or EPS this quarter.
Given the absence of S&P Global consensus values, we anchor analysis on reported actuals only .

Key Takeaways for Investors

Revenue momentum in continuing operations is intact (+172% YoY; +14% QoQ), reflecting execution under Medtronic distribution for left-heart access products .
Margin trajectory is improving YoY but remains negative; sequential softness (-1% to -8%) highlights the importance of sustained volume and manufacturing efficiency to reach breakeven .
Expense discipline is a clear positive: SG&A fell to $2.23M, reinforcing the new operating model’s lower cost base .
Liquidity is a watch item: cash at $13.33M with substantial YTD operating cash outflows ($23.90M total; $13.15M continuing) and meaningful interest burden ($1.51M in Q2) .
Near-term narrative drivers include consistent Medtronic purchase timing and continued production scale to reduce overhead per unit—these underpin margin recovery potential .
Structural changes continue: guidance remains withdrawn; business is streamlined to left-heart access manufacturing and distribution, and shares trade OTC following Nasdaq delisting .
Without Street consensus, focus on sequential revenue, SG&A trajectory, and cash burn metrics to assess progress toward operating breakeven .

Additional press release context: A July 1, 2024 industry note highlighted the broader cardiac mapping market’s growth projections; while informative, AFIB has exited mapping/ablation in continuing operations, so investor attention should remain on left-heart access execution .

Acutus Medical, Inc. (AFIB)·Q2 2024 Earnings Summary